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Oil rose to more than $98 a barrel in early trading Wednesday, a day after closing over $97 for just the second time in the past four months, Bloomberg reported.
Crude futures rose 89 cents in pre-market New York Mercantile Exchange trading to $98.06 per barrel, Bloomberg said.
Update: Price slid to close at $97.01; DOE boosts price forecast for diesel, oil, gasoline.
The gain followed a German court’s approval of a European rescue fund and on speculation the United States and China will take fresh measures to stimulate their economies, Bloomberg reported.
Oil rose 63 cents Tuesday to finish at $97.17 a barrel, the highest Nymex closing price since $97.26 on Aug. 22.